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Home > Financing > Community Express > Frequently Asked Questions Frequently Asked Questions
- Is their a prepayment penalty? 7 Year Term – No Prepayment Penalty
- What is the interest rate? Prime plus 4.50%
- Do you need my credit history? We ask that you do pull your credit report and obtain your credit score. You can click on the Loan Center or the Financing tab to obtain your credit report.
- Do I need collateral to apply for this loan? Collateral is not required in order to apply or receive a loan under this program.
- Do I need a business plan? No business plan is needed to apply for the loan. However, one is required to be submitted within 6 months of receiving the loan.
- How much money do I need to put down? Their is no requirement for any down payment in order to apply for or receive a loan under this program.
- Is their an application fee? Yes. This fee is $450 for loans up to $12,500 and $550 for loans of $15,000 or higher. (NOTE: fee amount is only payable if the loan is funded. If the loan is declined, there is no fee and your check will be returned.)
- Are there any other fees besides the application fee? No.
- When can I expect to receive the funds if I am approved? Most funding is received in two weeks. All funds are directly deposited into your checking account.
- If I am a veteran are their any special incentives? Veterans may defer their first month’s payment for 90 days with no interest added. Loan payments for all other borrowers are due the 1st of the following month after funding is received.
- What are some examples of personal debt? Rent and mortgage payments; credit card bills; medical bills; car payments; etc… It should be noted that all personal debt listed on your credit report must not appear to be more than 30 days in arrears (late).
What other criteria is factored into the decision/approval process?
- Length of home ownership or rental (shows personal financial stability)
Business/Industry Type. Some ventures have an inherently higher degree of risk of failure (for example, restaurants and/or retail food service businesses)
- Personal Credit History (all existing credit obligations must be current)
- Average monthly sales, if already in business, or estimated sales if a start-up business.
- Length of time the business has been in operation. (the longer, the better)
What types of disqualifiers may block me from getting the loan?
- Any unpaid Federal or State Tax Liens
- Any unpaid Judgments
- Any business that earns 30% or more of its revenue from gaming
- Non-profit organizations are ineligible for this program
- Multi-Level Marketing businesses are ineligible for this program: (i.e. Mary Kay, Herbal Life, etc)
- Speculative Real Estate ventures. (buying homes, fixing them up and either renting or reselling the property)
- Adult-oriented businesses (Clubs, Web Sites, Bookstores)
- Home-based (residential) Assisted-living facilities
- Any student loans or other government-backed loans that are in arrears
- Felony Record
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